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Company News, 2005-06-02, 11:50 AM

ThyssenKrupp Elevator strengthens market position in Spain

ThyssenKrupp Elevadores S.A., Madrid, a subsidiary of ThyssenKrupp Elevator AG, Düsseldorf, acquired Ascensores Silves Hidrolex S.L. in Madrid on May 25, 2005.

Silves Hidrolex was founded in 1941 and is one of the last independent medium-sized elevator companies in Spain. With a portfolio of more than 6.000 elevators (Madrid / Valencia / Barcelona / Palma of Mallorca / Galicia) and around 200 employees Silves Hidrolex offers the installation, modernization and maintenance services of elevators.

This acquisition will strengthen ThyssenKrupp Elevator?s leadership position in the market for new installations and improve its position in the Spanish servicing market.

With 4,000 employees and plants in Madrid, Mieres, Valencia and Andoain, ThyssenKrupp Elevadores is Spain?s biggest local producer of elevators, escalators, moving walks and passenger boarding bridges. Our wide-ranging capabilities are demonstrated by major orders such as the Madrid-Barajas airport expansion project. The first TWIN elevator to be installed outside Germany was also sold in Spain to the Oceanic Center in Valencia.

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